Question: Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales.

Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible percentage is 3.2%. On November 22, Millennium Associates identifies one uncollectible account from Angels Hardware in the amount of $3,650. On December 18, Angels Hardware unexpectedly pays its account in full. Record journal entries for the following.

A.Year-end adjusting entry for 2017 bad debt

B.November 22, 2018 identification entry

C.Entry for payment on December 18, 2018

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